MidOcean Partners announces acquisition of FullSpeed Automotive
Date: 2020-12-02   Author: Saipriya Iyer  Category: #news

MidOcean Partners announces acquisition of FullSpeed Automotive

MidOcean Partners, the U.S-based private equity organization focused on leveraged buyouts, growth capital investment, and recapitalizations in middle-market companies, has reportedly acquired Denver-based FullSpeed Automotive from CenterOak Partners.

For the record, FullSpeed is one of the leading auto aftermarket services platforms that operates under the SpeeDee and Grease Monkey brands. The company offers tire sales and rotations, oil changes, brake services, car washes, and other additional services. The company has a strategic geographic footprint of around 600 franchised and company-owned locations.  

With this acquisition, MidOcean Partners plans to continue FullSpeed’s aggressive growth plan through strategic M&A and organic initiatives. The financial terms and conditions of the deal were not disclosed by both companies.

Speaking on which, Daniel Penn, Managing Director at MidOcean reportedly stated the company has been assessing the auto aftermarket services space for several years and is excited to partner with FullSpeed’s excellent management team for its next phase of growth.  

The company believes that FullSpeed would continue to experience robust growth from its current locations with strong performance metrics and leading customer service, Mr. Penn said, while adding that the company is planning to support FullSpeed’s existing aggressive M&A strategy and to accelerate franchise development in existing and new market.

Kevin Kormondy, CEO of FullSpeed said that the company is excited to collaborate with MidOcean to boost outsized growth for the FullSpeed platform. MidOcean has long-standing experience in implementing transformational growth, and they bring profound expertise in the auto aftermarket that would improve the company’s ability to better cater to its employees, customers, and franchise partners, along with offering support for it to expand into more market.

Meanwhile, Honigman LLP catered as legal advisor to MidOcean. Harris Williams catered as a financial advisor, and Gibson Dunn & Crutcher LLP catered as legal advisor to FullSpeed Automotive.

 

Source credit - https://www.businesswire.com/news/home/20201130005644/en/MidOcean-Partners-Acquires-FullSpeed-Automotive-a-Leading-Platform-in-Auto-Aftermarket-Services

 



About Author


Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

More from Saipriya


Post Recommendents

Contact Lens Case Market Size 2026 - Global Industry Sales, Revenue, Price trends and more
Author: Partha Ray

Market Study Report, LLC, has added the latest research on ' Contact Lens Case market', which offers a concise outline of the market valuation, industry size, SWOT analysis, revenue approximation, and the regional outlook of this business ...


Glasses Case Market | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2026
Author: Partha Ray

Market Study Report, LLC, adds a comprehensive research of the ' Glasses Case market' that mentions valuable insights pertaining to market share, profitability graph, market size, SWOT analysis, and regional proliferation of this industry....


Preservation Bag Market Demand & Future Scope Including Top Players
Author: Partha Ray

The ' Preservation Bag market' report, recently added by Market Study Report, LLC, examines the industry in terms of the global expanse, highlighting the present & future growth potential of each region as well as consolidated statisti...